What is Tasmania’s MyHome Shared Equity Program?

For many Tasmanians, saving a deposit and entering the property market can feel like the biggest hurdle to owning a home. The MyHome Shared Equity Program isdesigned to help eligible buyers get into their own home sooner by reducing the amount they need to borrow.

Backed by the Tasmanian Government and delivered through Bank of us, the program allows buyers to purchase a property with Homes Tasmania contributing part of the purchase price, helping make home ownership more achievable.

Here’s a simple breakdown of how the program works and who may be eligible.

How the MyHome program works

The MyHome program operates as a shared equity arrangement, meaning the home is jointly owned by the buyer and Homes Tasmania.

Instead of funding the entire purchase yourself, Homes Tasmania contributes part of the purchase price, reducing the amount you need to borrow from the bank. This can make repayments more manageable and reduce the deposit required to enter the market.

For eligible buyers:

• Homes Tasmania may contribute up to 40% (or $300,000) for new homes

• Or up to 30% (or $150,000) for existing homes

• Buyers only need a minimum 2% deposit

• The remaining amount is financed through a home loan with Bank of us

Over time, buyers can choose to buy out the government’s share or repay it when the property is sold.

Who may be eligible?

To participate in the MyHome program, applicants must meet several eligibility requirements.

Generally, participants must:

• Be 18 years or older

• Be an Australian citizen or permanent resident

• Be living in Tasmania

• Not currently own residential property

• Intend to live in the home as their main residence

The program is open to both singles and couples, although borrowers must apply either individually or as a couple — applications with multiple unrelated borrowers are not eligible.

Income and asset requirements

The program is designed to support households who may struggle to enter the property market without assistance.

Eligibility includes limits on income and financial assets, which vary depending on household size and whether the home is newly built or existing.

In addition:

• Financial assets must generally be below $118,238

• Applicants must demonstrate they can service a home loan

• Evidence of income will be required during the loan application process.

Some buyers may be exempt from income and asset tests, including those who qualify for the First Home Owner Grant or certain stamp duty concessions.

What properties are eligible?

A range of property types may qualify under the MyHome program.

Eligible purchases can include:

• Newly constructed homes

• House and land packages

• Building a new home on land you already own

• Existing homes or units

• Certain off-the-plan purchases

• Some Homes Tasmania properties

However, the property must meet program guidelines and be intended as the buyer’s primary place of residence, not an investment property.

Property price caps

There are limits on the purchase price of properties eligible under the MyHome program.

Currently:

• Up to $800,000 for new homes

• Up to $750,000 for existing homes

These limits help ensure the program remains focused on improving housing affordability for Tasmanians.

Applying for MyHome

The process begins by speaking with Bank of us or an accredited broker, who will assess both your eligibility for the program and your home loan application.

Typical steps include:

1. Checking eligibility requirements

2. Obtaining conditional loan approval

3. Finding a suitable property

4. Signing a MyHome agreement with Homes Tasmania

5. Finalising finance and settlement

Applicants will also need to provide documentation such as identification, proof of income, and financial details as part of the loan assessment process.

Is the MyHome program right for you?

The MyHome shared equity program can be a valuable option for buyers who are ready to purchase but may not yet have a large deposit.

By sharing ownership with Homes Tasmania, eligible buyers can enter the property market sooner while maintaining the flexibility to buy out the government’s share in the future.

If you’re considering purchasing your first home in Tasmania and would like to explore your options, it’s worth speaking with a lending specialist or local real estate professional to understand whether this program could help you achieve your goals.